The King's Ransom: Inverting the System

Markets weren’t designed to be fair.

They were designed to grind.

Every model, every mandate, every piece of infrastructure is built on one assumption: short-term variance is unavoidable.

The textbooks call it randomness.

Traders call it drawdown.

Institutions call it risk.

But whatever the label, it’s the same thing: variance is supposed to chew you up.

I…